With the Canadian housing market expected to cool in the coming year, the Bank of Montreal has lowered its five-year fixed mortgage rate to a record low. While the rate was slashed to 2.99 per cent Thursday, down half a point, it does come with a few hitches. The bank set a Jan. 25 deadline to apply as well as an amortization limit of 25 years. The overnight interest rate set by the Bank of Canada, now at one per cent, banks clamouring for a piece of a tighter market and cheaper bonds are reasons why mortgages are so low right now, RBC Global Asset Management’s Eric Lascelles told CTV News Channel Friday. But buyers should be thinking ahead when rates eventually return to “normal,” he said. “I think it is fairly clear that home prices are...

Since the implementation of the HST in British Columbia in 2010, the provincial housing market has been reportedly in a slump. This has been especially true in Vancouver and area as new builds are sitting vacant longer than expected.According to recent reports, construction companies are resorting to making deals with potential buyers, offering to pay a portion of the HST that is being added to properties costing more than $525,000. While this is helping to persuade new home buyers, the builders and developers are ultimately losing money.Construction companies are frustrated that the BC government is taking its time to reinstate the PST/GST system and are leery of the new PST rules that will come into effect in 2013 with the exit of the HST system. Currently the 12 per cent HST is applied to new homes that cost more...

Six months after Vancouver City Council approved a plan to transform the Cambie Street corridor, homes in the area have nearly tripled in value and some residents fear development will ruin the neighbourhood.Last May the council passed a plan to bring 15,000 more people into the Cambie Street corridor through mid-rise development.Then last month a block of 10 homes along Cambie Street near 41st Avenue sold for $3.4 million each — nearly three times their previously assessed value.Neighbours say they’re growing tired of being pressured to sell by developers and real estate agents.Janice Douglas says she expects a six-storey building will soon be overlooking her single family home.”We’ve got people looking in our back yard, looking in our bedroom, and we will never see the trees again — nor will we have any more sunshine,” Many residents don’t want...

For the first time, the average price of a Vancouver home has topped $1M. Vancouver Realtors don’t believe , that the price will have any chance to go down. According to an CBC news on April 7, the major reason of the hot housing price in Vancouver is because of those who are mainly immigrated from mainland China. Angel Wang was interviewed by CBC...

What’s the procedure for buying foreclosure homes in Vancouver? How can you successfully bid for it on court? The difference from buying a regular home. What other issues you should know about before purchasing a foreclosure home? Please contact Angel Wang (Top Real Estate Agent In Vancouver West) for...